Spain Picks Banks to Manage Privatization of Airport Operator Aena

Aena May Become Biggest Stock Market Listing This Year in Europe

MADRID—Spain's government on Tuesday said it had picked three U.S. investment banks and two Spanish lenders to run the privatization of state-owned airport operator Aena Aeropuertos.

The government wants to sell a total of 49% of the company. It plans to sell as much as 21% of Aena to anchor investors, while the five banks will coordinate an initial public offering of the remaining shares, Spain's development ministry said in a news release.

Aena operates 51 airports, most of which are situated in Spain. It is the world's largest airport operator by number of passengers. In 2013, the company had operating profit, or earnings before interest, taxes, depreciation and amortization, of €1.5 billion. Aena has only recently completed a two-year turnaround that trimmed staff by 20%.

Aena was first picked for privatization in 2011, but the country was deep in recession at the time and global markets for Spanish stock offerings were all but closed. The current government, which took office in December that year, put the listing plans on the back burner.

In March, Mr. Vargas said a stock market listing would make it easier for Aena to expand and take over the management of airports abroad, particularly in Latin America and Europe.